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Binance to Shut Down Mining Pool and Related Services on Nov. 10

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BNBUSD$737.43 0.73%

Binance will permanently shut down Binance Pool and its associated mining operations on Nov. 10, ending a business segment that operated for over six years. The shutdown encompasses all connected offerings, including Pool Savings, Cloud Mining, and the Transaction Accelerator. After the deadline, API connections, hash rate alerts, and mining reward payouts will cease completely.

The decision stems from routine product evaluations across the cryptocurrency platform, though specific operational drivers were not disclosed. Existing users must migrate their computing power to alternative mining pools prior to the closure date. Additionally, participants in Pool Savings need to redeem assets or cancel subscriptions before services go offline, while historical reward records will remain accessible through Nov. 24.

First introduced in April 2020 to support Bitcoin mining before expanding into other digital assets, the service's closure marks a full exit from pool hosting for the exchange. Investors and miners should monitor user migration to competing pools as settlement procedures for remaining balances and unpaid rewards commence following the November shutdown. BNB (CRYPTO:BNBUSD) was trading at 741.5 USD, up 1.28% today.

Key points

  • Binance is terminating its Binance Pool service and all related mining features on Nov. 10.
  • Terminated products include Pool Savings, Cloud Mining, and the Transaction Accelerator.
  • Miners must redirect computing power to other pools and redeem Pool Savings assets before Nov. 10.
  • Access to historical mining records and payment histories will end permanently on Nov. 24.
  • Binance attributes the decision to a routine review of its product offerings.

Written by our AI from expert market sources across the web. It can contain mistakes: check the facts before acting on them. Write-ups powered by the free AI API at FreeTheAI.org

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Questions and answers

When will Binance Pool shut down?

Binance Pool and all associated mining services will officially discontinue operations on Nov. 10. Historical records will remain accessible until Nov. 24.

What should current Binance Pool miners do before the shutdown?

Miners should transfer their computing power to alternative mining pools before Nov. 10. Users of Pool Savings must redeem their assets or cancel active subscriptions before the service ends.

Why is Binance closing its mining pool service?

Binance stated that the closure is part of a regular review of its products and services, though it did not disclose specific underlying reasons.